The Chinese manufacturer earns more money from the sale of electric cars than its US rival. In 2023 it had already registered more cars from the Texan brand
Chinese electric vehicle giant BYD closed the third quarter of 2024 with increased sales, surpassing rival Tesla in terms of revenue for the first time, as it continues its turnaround in international markets. The Shenzhen-based company posted revenue of 201.12 billion yuan ($28.24 billion) in the third quarter, higher than the $25.2 billion Tesla reported last week. BYD’s net profit in the period was 11.6 billion yuan ($1.6 billion), up 11.5% from the third quarter last year.
The first overtaking in 2023
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Tesla surprised by announcing a jump in its profits in the third quarter, highlighting an all-time low cost price per vehicle, a measure intended to fight against its competitors, including BYD. Elon Musk’s company, owner of the social network BYD is the largest Chinese manufacturer and, in reality, it is not the first time that it has done better than the US brand. In fact, in the last quarter of 2023 it sold 529,046 electric cars (of which 90% in China) compared to the 484,507 of Elon Musk’s company, thus becoming the most important manufacturer of battery-powered cars in the world.
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